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Berlian Laju Tanker secures extensions; Buana Listya case dismissed
By Caroline Salls
Pittsburgh, Jan. 15 - PT Berlian Laju Tanker Tbk provided an update Tuesday of its ongoing restructuring efforts.
According to a company news release, the Central Jakarta Commercial Court has approved a 75-day extension of Berlian's PKPU process in Indonesia. The 75-day extension period ends on March 18.
The company said it presented a restructuring plan to creditors to consider on Dec. 12. On Dec. 27, some creditors said they wanted to make further changes to the plan and voted for an extension of the PKPU process to allow the company to submit a revised plan.
Berlian said it has continued its discussions with creditors and is aiming to put a final restructuring plan to vote as soon as possible.
If the requisite majority of creditors votes in favor of the plan, the court is expected to sanction the plan. If creditors do not vote in favor of the proposed plan, the company will be bankrupt, the release said.
In addition, the Singapore High Court has granted a further extension of protective orders under section 210(10) of the Companies Act to March 25 from Jan. 10.
This extension, which was obtained with the support of major secured creditors, complements the ongoing PKPU process in Indonesia.
Berlian said the Singapore court proceedings also continue to receive recognition in the United States under Chapter 15 of the United States Bankruptcy Code.
The company said the Central Jakarta Commercial Court has dismissed PKPU proceedings filed by Gramercy entities against Berlian subsidiary PT Buana Listya Tama Tbk.
The Gramercy entities said they were owners of a portion of the 7½% guaranteed senior notes due 2014 issued by BLT Finance BV and guaranteed by Berlian and Buana Listya.
As previously reported, three other Gramercy entities filed a Chapter 11 bankruptcy petition against Berlian on Dec. 17.
Berlian Laju Tanker is a Jakarta, Indonesia-based shipping company. The case number for the involuntary Chapter 11 case is 12-14874.
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